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What would it take to change your mind ?

Discussion in 'Investor Psychology' started by keithj, 19th Oct, 2015.

  1. keithj

    keithj Moderator Staff Member

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    What would it take to change your mind ?


    Posters often express strong views on various topics & occasionally appear unable to be swayed from that view :eek:. Recent examples include ghosts, the future of the Western Sydney property market, the state of the economy, AGW...


    It's useful to ask yourself What would it take to change my mind ? If your answer is something like nothing, because I know it's true/false, then it's likely to be faith rather than reasoning that has brought you to your strongly held view. Or if your answer is dunno, it's a gut feeling, then you're either unknowingly very good at pattern matching or else just hoping for the best.


    So before forming any view (or even just posting on PC), ask yourself, what would have to happen to make me acknowledge I was wrong ?

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    Last edited: 19th Oct, 2015
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  2. Azazel

    Azazel Well-Known Member

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    It's an interesting subject.
    I think it's a very good exercise to be able to consider the opposite possibility of the way that you're thinking. Helps to open your mind to different possibilities, even if you still have the same opinion.
     
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  3. JacM

    JacM VIC Buyer's Agent Business Member

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    You'd either change your mind about wanting the property at all, or you'd change your mind about what price you were prepared to pay.

    I literally got seasick in a property once because its floors were so uneven. To be fair I was not inspecting the property because I was interested in it, merely just one of the many to remain across the market in the area. However it would have had a huge bearing on the price I would have been prepared to pay had the property been of interest. It's also important to ponder where on earth repairs money will come from for problems. If for example someone has managed to scrape together money for deposit and stamp duty with little to spare, buying a property that needs expensive works done to it would be a no-no.
     
  4. House

    House Well-Known Member Premium Member

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    Evidence/research, logicalness and experience. I don't believe in ghosts because I haven't experienced anything, imo there is no conclusive evidence on their existence but to me it's logical that there is something more to the spiritual side of life so I would change my mind if evidence was presented.

    It's also how the other person constructs their alternative opinion. If it's in a sensible and intelligent manner then I'm more likely to reconsider. Also, the persons past experiences are very important. For eg, I never thought I'd use a BA but after reading some good arguments in the 'for' camp I'll more likely use one next time because I believe their experience would be worth the cost.
     
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  5. willair

    willair Well-Known Member Premium Member

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    The average woman or man these days are a lot more intelligent then the people from 30 years ago,you have several different cycle forecasts each week,plus good news doesn't rate that much but i know one thing ,it's highly likley the sun will come out tomorrow..
     
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  6. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    I would change my mind if there is a logical argument that convinces me that I am either wrong or the other is a better idea.
     
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  7. House

    House Well-Known Member Premium Member

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    That's definitely debatable

    image.jpeg
    Source
     
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  8. willair

    willair Well-Known Member Premium Member

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    I guess it would be,but once you broke those number down into countries in between the distinct echoes of caves those numbers would change very quickly..
     
  9. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    I'm guessing it would be a character trait based on how open or close minded one is.

    I found some freaky online discussion forum on the weekend about enlightenment, psychology, spirituality and other weird thinking stuff, all new to me at 40 years old.
    After reading that stuff for about an hour, it really got me thinking about humans actions, thoughts and that genetics may predetermine most of this.
    From then on, I was instantly a lot more open mined and forgiving to others.
    e.g. was driving around town yesterday and a couple of dumb people just walk right across the road in front of us.
    Normally I'd think to myself that these people are just stupid and I'd get angry at them, but in this case I forgave them for being human.
    They are what they are.
     
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  10. Bayview

    Bayview Well-Known Member

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    bwahahaha - you haven't been to Port Phillip Plaza in Rosebud lately then...or Karingal Hub, or Fountain Gate, or Parkmore, or Dandenong, or Frankston Central (Bayside Shopping Centre)..... :eek:
     
  11. Bayview

    Bayview Well-Known Member

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    Give yourself a smack in the head....they are stupid.
     
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  12. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    Possibly.
    Not all humans are made equal.
     
  13. willair

    willair Well-Known Member Premium Member

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    Never been down that area,but one only has to look at this site,people were talking about the GFC well before it happened,the same as the property boom in NSW VIC ,so there would be several in this site able to see trends well before other people,and invested the money making trends a reality..
     
  14. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    Evidence.
     
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  15. D.T.

    D.T. Adelaide Property Manager Business Member

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    Evidence is a big one, but some people are too close minded to accept it.

    Provide info on something experienced; no you need stats
    Provide stats; no stats are rubbery
     
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  16. Perthguy

    Perthguy Well-Known Member

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    Quality evidence. I worked as a data analyst and I have also formally studied statistics and particularly how to describe statistics in different ways. Basically, someone can write a 100% factual article backed up by statistics that is completely misleading. I can usually see through these and see them for what they are: just another agenda driven rant.

    Quality evidence can definitely change my mind but quality evidence is rare.
     
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  17. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    So why do some people believe in God ?
     
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  18. D.T.

    D.T. Adelaide Property Manager Business Member

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    Excellent question. They seem to mostly invent their own evidence.
     
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  19. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    Or just believe what they've been told by others....without actually seeking the truth themselves.
     
  20. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    Some people elect to believe things in the absence of evidence.